Italy Says Lockdown Aimed At Saving Economy From Virus

Faizan Hashmi Published March 10, 2020 | 02:10 AM

Italy says lockdown aimed at saving economy from virus

Rome, March 9 (UrduPoint / Pakistan Point News - 10th Mar, 2020 ) :Italy said Monday its month-long lockdown of northern regions responsible for 40 percent of overall production was designed to save the rest of the economy from falling victim to the new coronavirus.

But the Italian Stock Exchange -- propelled by broader declines linked to the oil market's collapse -- took little comfort from the government's quarantine measures.

Stocks finished the day down more than 11 percent and the shares of Italy's Unicredit banking giant lost more than 13 percent.

"We are really in the context of a macroeconomic downturn, which obviously impacts the banks," said Allianz GI's European investments director Vincent Marionil.

The epidemic has now wiped out a huge chunk of the 28 percent gain the Milan exchange built up last year.

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